OPEC+ Poised to Extend Oil Production Cuts as Market Faces Surplus Concerns
Upcoming OPEC+ meeting expected to delay planned output increase into 2025, with global demand outlook and geopolitical tensions influencing oil prices.
- OPEC+ is anticipated to extend its current oil production cuts until at least the first quarter of 2025, according to multiple sources within the group.
- Oil prices have fluctuated slightly this week, reflecting uncertainty ahead of the December 5 OPEC+ meeting and concerns over a potential market surplus in 2025.
- China's manufacturing activity showed its fastest expansion in five months, offering some optimism for oil demand, though analysts predict China's crude imports may peak as early as next year.
- Geopolitical tensions in the Middle East, including breaches of a ceasefire between Israel and Lebanon, have added volatility to the oil market.
- Saudi Arabia is expected to lower crude prices for Asian buyers to a four-year low, while concerns about U.S. Federal Reserve interest rate decisions have further capped price gains.
The Globe and Mail 
